Sell Canara Bank, Ceat: Bonaz Capital

Bonaz Capital of bonazcapital.com told CNBC-TV18, “Raymond after that news flow which happened and the stock went through volatility, it has kind of come back into some kind of range at about Rs 750, roughly about Rs 690. It is still in the range, I think if it starts breaking Rs 690 we will have a bigger correction. Maybe for the next few days this range will continue because as of now we don’t have a signal for breakdown. However, I would want to keep a close watch on levels of around Rs 690.”

He further added, “I don’t like much in the pharmaceutical space. Dr Reddy’s Laboratories is the only one which could give some more continuation of the reversal. As long as it is above Rs 2,590-2,600 levels, I think we can look at around Rs 2,700 being tested. Canara Bank looks weak to me. I think that is a stock which is slipping further and could be sold with a stoploss at Rs 356.” Bonaz Capital

“Ceat still remains weak. I think we had the correction start yesterday and while it is kind of slightly off the day’s low, but I think overall it is still a good short with a stoploss at about Rs 1,880 and I would look for target close to about Rs 1,760 over there,” he said.

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